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Stocks Radar: Adani Enterprises, DHFL, Eicher Motors, Swan Energy

Indian equity benchmarks opened lower on account of growing geopolitical tensions with neighbour Pakistan. The S&P BSE Sensex and NSE Nifty 50 Index fell as much as 1.3 percent each, to 35,762.60 and 10,733.75 respectively, as of 9:45 a.m.

The market breadth was tilted towards sellers. All of the 11 sectoral gauges compiled by the NSE fell, led by the Nifty FMCG’s 3.41 percent decline.

Stocks Moving The Market This Morning:

DHFL Plummets After ICRA Downgrade

Shares of the Mumbai-based non-banking lender declined 7.4 percent intraday, the most in nearly 2 weeks, to Rs 126.60 apiece.

Sharda Motor Gains After Entering Into A Joint Venture

Shares of the New Delhi-based auto parts maker rose for the fifth session in a row after it rose as much as 6.4 percent to Rs 1,487.75 per share.

Sharda Motor Industries entered into a joint venture with Germany-based Eberspaecher Exhaust Technology. The company says that in order to comply with Bharat Stage VI norms, the joint venture will develop, produce and sell exhaust after-treatment systems for Indian commercial vehicle manufacturers. The products will be utilised in trucks and buses from 2020.

The trading volume of the shares was over 70 times the 20-day average for this time of the day, according to Bloomberg data. The stock rose nearly 25 percent in the past five trading sessions.

Shares of the mining conglomerate snapped its two-day gain and fell as much as 3 percent to Rs 128 apiece.

Adani Enterprises emerged as the highest bidder to manage five non-metro airports under a public private partnership with the Airports Authority of India. The winning bid will be decided on the basis of the highest monthly per passenger fees quoted by the bidder, according to an AAI statement. The fee will be payable to the state-run airports manager.

The stock traded 25 times its estimated earnings per share for the coming year, Bloomberg data showed.

Eicher Falls After Labour Strikes Impacts Production

The company said labour strike at its Oragadam facility in Tamil Nadu impacted output of 3,200 motorcycles, in an exchange notification. The entire workforce reported to work from February 23, the filing said.

23 out of 42 analysts tracked by Bloomberg have a ‘Buy’ rating on the stock, while seven analyst recommended ‘Hold’ and 12 had a ‘Sell’ rating.